Bitcoin (BTC) exchange-traded funds (ETFs) record $329 million in inflows

According to the data provided by SoSoValue, Bitcoin exchange-traded funds (ETFs) recorded a total of $329 million worth of inflows

According to data provided by SoSoValue, Bitcoin exchange-traded funds (ETFs) recorded a total of $329 million worth of inflows on Tuesday, extending their impressive run.

The fresh inflows saw iShares Bitcoin Trust (IBIT) account for the biggest share with $287 million. Fidelity Wise Origin Bitcoin Fund (FBTC) comes in a very distant second place. It is worth mentioning that there is not a single product in the red, which indicates strong institutional demand.

Over the past five weeks, Bitcoin ETFs have now recorded close to $6.6 billion worth of inflows. According to analytics firm Santiment, this is historically a bullish sign for Bitcoin's price action.

Blackstone, the leading alternative asset manager in the world, recently disclosed its very first IBIT investment earlier this week in a regulatory filing.

"This is a very interesting development, considering that Blackstone manages over $975 billion in assets across private equity, real estate, and hedge funds," the report noted.

The world's largest private equity firm has now joined the likes of Cathie Wood's Ark Invest and hedge fund manager Stanley Druckenmiller in investing in IBIT.

After solid flows yesterday, the bitcoin under management by global ETPs is back where it belongs, at all-time highs.

Net inflows since April 10: 81,466 BTC. pic.twitter.com/XkfxiV8GB3

— Vetle Lunde, K33 Research (@K33Research) May 17, 2024

On Tuesday, the amount of Bitcoin managed by global exchange-traded products (ETPs) has now reached a new peak for the first time since January.

Bank of America strategists also noted that Bitcoin's price gains this year have outpaced the U.S. stock market, with the S&P 500 index currently up about 17% for the year to date.

Meanwhile, Ethereum ETFs also saw inflows of $65 million on Tuesday. This follows the flagship altcoin's stunning rally earlier this month.

Bitcoin price is steadily approaching a new record peak, currently trading at $107,780. The cryptocurrency is a hair's breadth away from surpassing the January lifetime peak of $108,786 amid strong institutional demand.

However, retail investors still appear to be on the sidelines based on a relatively low Google search volume. As such, broader crypto market interest remains limited despite the recent price surge.

The post Bitcoin ETFs hit a 5-week inflow total of nearly $6.6 billion, a historically bullish sign, analysis shows appeared first on Chain News.

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